In this article, we will discuss what is blockchain technology in detail.
It is rare that the technology industry comes up with a term that describes in the simplest terms what exactly a new technology it has created actually does.
Blockchain is one such example as it is exactly what the name suggests. It is a technology that allows blocks of information to be created and stored in a chain. Each time a new block is created it is added to this chain to form what has been called a ’digital ledger‘.
There are public blockchain and private blockchain networks. A public blockchain can be joined by any individual whereas a private blockchain network allows verified members to join and access a digital asset stored on a decentralized blockchain database.
While it has been possible to create digital ledgers before, blockchain ledgers have a number of revolutionary benefits over traditional approaches.